Buhari says oil sector reforms on the cards

Posted on : Monday , 3rd August 2015

NIGERIAN Muhammadu Buhari has assured investors his administration would implement reforms to boost accountability and transparency in the country’s oil and gas industry.

Speaking at a meeting with senior officials of Chevron, the oil company, led by the company’s President for Africa and Latin America, Ali Moshiri, Buhari declared that his administration was ready to effectively address the myriad of challenges in the sector.

“We understand the situation in the industry and we will do our best to address the challenges affecting exploration, production and distribution of oil products in the country,’’ the President told the delegation in Abuja.

His spokesperson, Garba Shehu, said Buhari acknowledged the merits of the Amnesty Programme initiated by former President, Umaru Yar’Adua, to reduce violence in the Niger Delta region.

“President Buhari said that his administration would build on good aspects of the programme.

“The President added that his administration would also implement other measures to enhance security in the Niger Delta and optimize investments in Nigeria’s oil and gas industry,” Shehu stated.

Meanwhile, Moshiri urged Buhari to restore the confidence of international investors in the industry.

He identified improved security in the Niger Delta as key to increased investment in the oil and gas sector in Nigeria.

Moshiri said that Chevron, which has 36,7 percent interest in the West African Gas Pipeline Company Limited, was eager to support Nigeria’s gas sector and bring more electricity to Nigerian consumers.

Source : cajnewsafrica.com

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